Stakeholders have called for long-term financing of projects and a shift in the mindset of creative entrepreneurs as essential tools in enabling the creative industry to thrive. 

The creative industry stakeholders reached this consensus in Lagos on Tuesday, August 12, 2025, at the maiden edition of QEDNG Creative Powerhouse Summit organised by Mighty Media Plus Network Limited.

Themed “Financing as Catalyst for a Thriving Creative Economy,” the summit brought together filmmakers, musicians, fashion designers, journalists, business and thought leaders, bankers and government officials, among others, to brainstorm on how to make creatives in Nigeria thrive and not just survive.

In his welcome address, Founder and Chief Executive Officer of Mighty Media, Olumide Iyanda, called for “honest conversations,” noting that it is time for creatives to think and act smart for the industry to bloom.

“Nigeria’s creative economy contributes approximately $5.6 billion to our GDP and it is the second highest employer in the country. The federal government has set a bold goal of raising the sector’s contribution to $100 billion by 2030. The plan seeks to position Nigeria as a leading creative and entertainment hub on the global stage,” he said.

According to him, talents and ideas abound, but the real challenge is turning them into “something people can see, hear, touch and actually pay for.”

“We need honest conversations. We need new partnerships. We need to think big and act smart,” Mr Iyanda, who doubles as Publisher of QEDNG and Convener of the QEDNG Creative Powerhouse Summit, added.

Group Managing Director of SO&U, Udeme Ufot, in his capacity as chairman of the summit, hailed QEDNG as a platform which has “steadily grown into a reputable voice in Nigeria’s media and digital journalism space through its commitment to telling authentic stories, amplifying emerging voices, and shaping conversations that reflect our evolving national identity. Its journey mirrors the core theme of this summit: unlocking potential through vision and purpose.”

He agreed that capital is required to unlock the potential of Nigeria’s creative economy and that capital must be sustainable and accessible.

“Because without access to sustainable and strategic funding, creativity struggles to scale. Ideas remain trapped in notebooks. Studios shut down. Talent goes untrained. And potential remains just that – potential!” he said.

“The issue is not just about throwing money at the industry. It is about smart financing. It is about investors who understand the long tail of content development, banks willing to develop products tailored for creative entrepreneurs, governments designing policy environments that reward innovation and risk-taking, and private sector leaders championing scalable, locally relevant business models,” Mr Ufot noted.

The advertising expert urged Nigerian creative entrepreneurs to demonstrate sound financial management and assure investors that funds entrusted to them will be used responsibly.

Founder of The Africa Soft Power Group, Dr Nkiru Balonwu, kicked off discussions with her engaging keynote speech.

“The challenge, I think, is not the absence of capital but the lack of scalable, structured investment frameworks that the industry needs to thrive,” she said.

Balonwu referenced the recent announcement of Afreximbank’s billion-dollar Africa film fund under its Mechanics Programme as a welcome step forward but cautioned that its impact depends on effective implementation and alignment with industry needs.

She noted that, at the national level, capital exists in theory, but the real gaps lie in design, accessibility and alignment with the practical needs of entrepreneurs.

According to her, these funds serve large-scale projects while most creatives in Nigeria are operating at the micro or early growth level.

“Part of what we need is tier-targeted financing (early stage grants), seed capital, patient equity, all tailored to the creative life cycle. We need financing designed for the messy middle, not just the glamorous headline projects or the polished final product,” she said.

Balonwu, former chief executive of Spinlet, the first music streaming and digital distribution platform in Sub-Saharan Africa, called for long-term financing solutions that support not just content production but also the often overlooked infrastructure critical for a thriving creative economy, including intellectual property banks, data centres, legal support, domestic distribution networks, rights management platforms, efficient payment systems and affordable production facilities.

“This requires a mindset shift. Creatives must see themselves not just as artists but as businesspeople, institution builders and financially literate architects of enterprise. Financing must be smart, responsive, and tailored to the entire creative process, not just consumption,” she said.

Balonwu also noted the impact of Artificial Intelligence (AI) in the industry, urging creatives to see it as an enabler, not as a threat.

President Bola Tinubu’s senior special assistant on media and publicity, Temitope Ajayi, in his goodwill message, assured that the government would continue to support the creative sector.

“In terms of promoting the cultural export of Nigeria, the creative sector in the past decade has really done well. So, we must commend the operators of this sector for the good job they are doing,” he said.

Ajayi added that creators must grow beyond “subsistence thinking” for the industry to thrive.

On the panel to dissect the keynote speech were filmmaker and Founder of KAP Group, Kunle Afolayan; President and Founder of All-Africa Music Awards (AFRIMA), Mike Dada; Founder of Africa Film Finance Forum (AFFF), Mary Ephraim-Egbas; and Founder of Duke of Shomolu Productions, Joseph Edgar.

The panellists, during the session moderated by broadcaster, Anike-Ade Funke Treasure, agreed that funding is key to unlocking the industry’s potential but cited difficulties in accessing these funds both from banks, investors and the government.

Former Lagos State Commissioner for Tourism, Arts and Culture, Steve Ayorinde, moderated the second panel, which had the Executive Director of the National Film and Video Censors Board (NFVCB), Dr Shaibu Husseini; Head of SME Banking at First Bank of Nigeria, Dr Abiodun Famuyiwa; Head of Legal and Business Development at The Temple Company, Yemisi Falaye and Group Head of Large Corporates and Structured Finance at Providus Bank, Dr Biodun Ariyo.

While Husseini restated the Nigerian government’s provision of funds for the creative industry, the bankers assured of an open mind to understand the complexities of the industry, which would translate into funding.

Plaques were presented on behalf of QEDNG to some of the notable participants by the Publisher of Realnews Magazine and President of the Guild of Corporate Online Publishers (GOCOP), Maureen Chigbo; Editor of Vanguard Newspaper and President of the Nigerian Guild of Editors (NGE), Eze Anaba, and veteran actress and film director, Joke Silva.

Among the participants at the summit were the Special Adviser to Lagos State Governor on Media and Publicity, Gboyega Akosile; Group Head, Brand Management and Corporate Communication of Polaris Bank, Rasheed Bolarinwa, and former Osun State Commissioner for Information and Orientation, Funke Egbemode.